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62% of Student Loan Borrowers Say They're Likely to Boycott Repayments: Poll
(www.commondreams.org)
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this post was submitted on 17 Aug 2023
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Work Reform
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A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.
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Wage garnishment will prevent most people from following through its my guess.
The way student loans are structured you can't not pay them. Don't pay your loans and default, we'll get your wages garnished. You get a tax refund normally, well they'll take that. Oh you are on government assistance well they'll cut the amount you get. Want to declare bankruptcy sorry still gotta pay the loan.
It will only be worse for incoming freshmen since the rates will now be between 5.50-8.05% last I saw.
No matter what people who lent money for student loans will get paid unless the whole system changes and judging by those in charge there is a snowflakes chance in hell that happens unfortunately.
Time to leave the country and never return.
I don’t think your debt disappears if you expatriate.
it doesn't go away but if you don't come back it doesn't really matter
It does if you expatriate into ¡Gregorio Sanchez, Title Alligator Boxer Extraordinaire!
Depends on where you're disappearing to, and how smart your lenders are -- many countries cooperate with foreign debt enforcement.
In Sweden for example, a foreign lender can apply for debt enforcement with our national enforcement agency (Kronofogden). They then handle it the same as domestic debt by garnishing your wages or confiscating your property for example.
Can’t garnish me or take my things if I expatriate and just become homeless. Checkmate government!
Banks hate this one simple trick.
You can get on income-based repayment. You have no American income, so you pay nothing. Eventually the debt is cancelled, as long as you don't move back.
Wow, I had no idea. See ya!
So don’t pay and make them work for it.
With the labor shortage right now it would be expensive for loan collectors to hire enough workers to track down and force payments if people stop paying on a large scale.
Can't get blood from a stone. Mass Garnishment will just result in crime and tax evasion. If defaults happens on a large enough scale it'll be impossible and political/economic suicide.